The CRYP ETF was launched on the ASX yesterday and it attracted $8m worth of trades in its first 15-minutes and by the end of the day it had become easily the local markets most successful ETF launch – cryptos are undoubtedly hot at the moment. However we should put things into perspective, when US ProShares listed a bitcoin ETF last month it attracted an amazing $1bn in funds in just 2-days!!
The CRYP ETF invests in crypto facing companies as opposed to directly into the underlying coins but the tracking is likely to be pretty close i.e. we feel they will be strongly correlated. Following ASIC’s recent green light towards crypto ETF’s I expect more products providing access to exposure to the likes of Bitcoin and Ethereum to cross the wires sooner rather than later.
MM believes the CRYP will become an active trading vehicle
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